Shoemakers are the wildebeests of global trade, migrating to wherever the grass is greenest – or in their case, labour costs are lowest.
So when Huajian Shoes, one of China’s leading shoe exporters, launched its first overseas operations last year, it was following a well-trodden path. Only the destination – Ethiopia – was surprising.
Helen Hai, the Chinese group’s vice-president who oversaw the Ethiopian move, says the gradual appreciation of the Renminbi, and rising labour costs are squeezing margins and forcing many Chinese shoemakers to consider similar moves. But most have stuck closer to home in Asia.
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